Floor Updates


Opening Remarks

Mar 29 2012

09:43 AM

Senator Reid: (9:32 AM)
  • Today --
    • The Senate will resume consideration of the Motion to Proceed to S. 2230, the Buffett Rule, with the time until 11:30 AM equally divided, with the Majority controlling the first 30 minutes and the Republicans controlling the second 30 minutes.
    • At 11:30 AM, the Senate will conduct a ROLL CALL VOTE on the Motion to Invoke Cloture on S. 2204, the Menendez Energy Tax Credits bill.
    • The amendment tree has been filled. All second degree amendments to S. 2204 must be filed at desk by 10:30 AM.
    • The House is expected to vote on H.R. 4281, a short-term extension of surface transportation programs, this afternoon.
  • Spoke on the Menendez Energy Tax Credits bill.
    • SUMMARY "The Shell CEO said a decade of high gas prices are an incentive, enough for oil companies to bill for more oil. "My point of view is that with high oil prices, such subsidies are totally unnecessary." We agree. So do almost 80% of the American people. There is no reason for these companies, five companies, as last year made $137 billion. They don't need subsidies from the American taxpayer. So today, Senate Republicans will have a chance, another chance, another opportunity to show Americans where they stand on this issue. I hope that they will allow us to invoke cloture on this a complete this legislation today. They appear poised, however, on what I have heard from my friends on the other side of the aisle to pick the pockets of American taxpayers in order to line the pockets of these oil executives. Unless we vote to repeal these wasteful giveaways, the country will spend another $25 billion over the next decade making these rich oil companies that much richer. The oil executives who benefit from this bad policy and the Republicans who go to bat for them want you to believe that repealing tax oil subsidies will increase gas prices. It's not true. The only effective way to bring down the price at the pump is to reduce our reliance on foreign oil. We have made progress toward that during the Obama years. In almost the four years that he has been in office, domestic oil production has increased every year. And America's dependence on foreign oil hasn't decreased every year. Everyone should hear what I said again. During the Obama years, domestic oil production has increased, dependence on foreign oil has decreased. Last year, America used the lower percent of foreign oil than in almost two decades thanks to President Obama's smart oil energy policies. We have heard speeches in here in effect saying drill, baby, drill. We're doing a good job. We cannot produce our way out of this mess we're in. America controls less than 2% of the oil in the world. We use more than 20% of it. Even though we're doing better, and that's good, we must lessen our dependence."